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GAO-17-138R 1 (2016-11-15)

handle is hein.gao/gaobaakjb0001 and id is 1 raw text is: GAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 November 15, 2016 Congressional Committees Financial Audit: Bureau of Consumer Financial Protection's Fiscal Years 2016 and 2015 Financial Statements This report transmits the GAO auditor's report on the results of our audits of the fiscal years 2016 and 2015 financial statements of the Bureau of Consumer Financial Protection, known as the Consumer Financial Protection Bureau (CFPB), which is incorporated in the enclosed Financial Report of the Consumer Financial Protection Bureau for Fiscal Year 2016. As discussed more fully in the auditor's report that begins on page 71 of the enclosed agency financial report, we found * the CFPB financial statements as of and for the fiscal years ended September 30, 2016, and 2015, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; * although internal controls could be improved, CFPB maintained, in all material respects, effective internal control over financial reporting as of September 30, 2016; and * no reportable noncompliance for fiscal year 2016 with provisions of applicable laws, regulations, contracts, and grant agreements we tested. Although CFPB made progress in addressing a continuing significant deficiency1 in internal control over accounting for property, equipment, and software, during our audit we identified continuing deficiencies in this area. These deficiencies collectively represent a significant deficiency in CFPB's internal control over financial reporting that merits attention by those charged with governance of CFPB. Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act2 and the Full-Year Continuing Appropriations Act, 2011,3 both require GAO to annually audit CFPB's financial statements. This report responds to these requirements. 1A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. 2Pub. L. No. 111-203, title X, § 101 7(a)(5), 124 Stat. 1376, 1976-77 (2010), classified at 12 U.S.C. § 5497(a)(5). 3Pub. L. No. 112-10, div. B, title V, § 1573(a), 125 Stat. 38, 138 (2011), classified at 12 U.S.C. § 5496a. GAO-1 7-138R CFPB's Fiscal Years 2016 and 2015 Financial Statements Page 1

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